What happens to an inheritance if the estate owes debt?

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What happens to an inheritance if the estate owes debt?

I inherited 2 ATVs when my dad passed away. The total value of both was $4,000. I sold them already and used the money to buy my children (his grandchildren) items that he would have wanted them to have. He owed money on a mobile home, new truck and a small credit card balance. Can those companies come after me for the $4,000 I got from the sale of the 2 ATVs?

Asked on March 18, 2014 under Estate Planning, Arkansas

Answers:

FreeAdvice Contributing Attorney / FreeAdvice Contributing Attorney

Answered 7 years ago | Contributor

The estate of a deceased person is distributed to the heirs under a Will, trust or intestacy after the time period for all creditors to make a claim has expired and all accepted debt calls are paid by the estate's representative. Once paid, the net estate is distributed per the Will, trust or intestacy laws.


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